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FRANK v. BEAR, STEARNS & CO.

No. 14-98-01062-CV.

11 S.W.3d 380 (2000)

Robert S. FRANK, Individually and as the Executor of the Estate of Ida L. Frank and as Trustee for The Joe Frank Trust, The Nancy A. Frank 1975 Trust, and The Daniel S. Frank Trust, Nancy A. Frank, Daniel S. Frank, Edgar E. Hancock as Trustee for Marek Bros. Profit Sharing Plan, Marek Bros. 401(K) Plan, MBC Foundation, The Executive Group, Ralph Marek, Paul A. Marek, Bruce Marek, R. Stan Marek, William A. Marek Sr., John L. Marek, Martha Marek, Bessie Marek, Frances Marek, Reinnette Marek, and Katherine Marek, and Charles M. Schwarz, Individually and as Trustee of his IRA Account, Appellants, v. BEAR, STEARNS & CO., CS First Boston Corp., Goldman, Sachs & Co., Greenwich Capital Markets Inc., Kidder Peabody & Co., Nomura Securities International Inc., Painewebber Inc. and Salomon Bros. Inc., Appellees.

Court of Appeals of Texas, Houston (14th Dist.).

January 13, 2000.

Attorney(s) appearing for the Case

Jerald Davis Mize, Houston, for appellants.

Phylis J. Cohen, Charles W. Schwartz, Gerald G. Pecht, Houston, for appellees.

Panel consists of Justices DRAUGHN, LEE, and HUTSON-DUNN.

OPINION

NORMAN LEE, Justice.

Plaintiff investors filed suit charging defendant underwriters violated the Texas Securities Act, Tex.Rev.Civ. Stat. Ann. art. 581-33 (Vernon 1964 & Supp.1999) in their marketing of certain exotic securities. They also charged defendants negligently marketed securities and breached a contract to which they were third-party beneficiaries. The trial court granted summary judgment on their claims without specifying a ground...

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